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How to be a trader for a company?

  • #361
  • Nov 1, 2008 4:15pm Nov 1, 2008 4:15pm
I think the USA must be very different to the UK and most of Europe. I know allot of traders and i am sure none of them have a PhD and most of them dont have a degree.

One of my friends trades for a major bank in Germany and he left school with no qualifications whatsoever.

There is a large investment house in the UK which trains you for free in your own time and after 6 months lets you trade using their money full-time. Obviously you have to show consistent profits but again there are no qualifications or previous knowledge needed.
  • #362
  • Nov 14, 2008 7:49pm Nov 14, 2008 7:49pm
What Trader888 said were all very true and valid.

institutional traders are not so different like some traders here on this forum think. In terms of support and information, sure, but in terms of trading, everybody is equal in front of the market. And I'm pretty sure nowadays with the right price you can get the same information we get, too.

In terms of education, I can tell you this, PhDs and masters don't worth a penny! There are a lot people in this business who should instead be doctors and scientists. PhDs work in labs, that's pretty much true for the past 200 years until recently when more and more of these guys showed up on wall street trying to make a buck or two. Well, guess what, wall street isn't a lab, they made some money in the past few years and now they are getting slapped left and right.

In a major shop's(I don't want to name it here but you can probably figure it out since there aren't many left) commodities division, probably the best on the street, most traders did not go to an ivy league school, did not (bother to) go to grad school, but many of them came from the floor. The best futures trader there has been in this business for 25 years, and just like many people on this forum, loves Reminiscences, market wizards and does pay attention to technicals (btw, he loves that john murphy guy lol), though a lot of trading decisions are based on foundamentals. And btw, he's not 100% right 100% of the time either! So if you're in the low forty fifties you should feel good abour yourself haha

the major difference I could see is risk management. A lot of people here think institutional traders have a crystal ball, or that they can see order flow information, and the same people start trying this system and that indicator, and it's just sad seeing people lose money on something as stupid as this.
.
  • #363
  • Nov 15, 2008 4:25am Nov 15, 2008 4:25am
Hi,

This was a very interesting thread, and was a large reality check to me, I'm a newbie fx trader, traded stocks for a year and now having a goal to be a pro trader, in which in some posts in FF I found that one of the ways to do that, is to go work for an investment bank or a firm for that matter.

I have only been studying fx for a mere 3 months now, putting myself in the place between a trader that believes technical indicators, and was trading in a small time frame... I moved to a larger TF recently and (again) wanted to find the system to accompany it, this search for a guidance just won't leave my mind, reading trader888's posts I find that it is intriguing enough and useful to learn fundamentals more, and most of the experienced traders here may trade off naked charts, reading price actions, trendlines, or maybe just gut feeling. Yet I still haven't found my methods to trade, I think I should learn more, but it is said too that knowledge gathering can lead to serious damages in trading.

I've come to notice now that in the country I lived in, Indonesia, it's hard enough to find investments banks that actually runs its trading activities from inside the country, mostly they're only sales, but I didn't know much, if there's any job at all available.

Being an IB, is actually very popular, and are connotative with "asking people to join and invest and trade their accounts to margin call" here in Indonesia, the local brokerage houses (I don't know the inside stuctures) hires people to do two jobs at once, marketing and trading, another job inside was the dealing desks, but here, you don't need a degree at all to be an Introducing broker, just a list of names for client prospecting and a very sweet mouth to promote yourself.

In other words, a trader isn't a very prestigious position, but it does pays really well, with the record that the more trades you settle in a month, the more commision you get, you only get performance bonus if your client feels like it, otherwise you only get your commision on each trade settled, oh and no basic salary.

I don't have a capital, my fx experience is very limited, and haven't yet made consistent results with my trading.
But if determination and focus determines who's successful and who isn't, hell I'll do everything to trade, because I really like doing it.

I'd like to trade for a living, and I'm still very much confused where to start, because if these technical indicators are very much a hype... then what isn't?

Trader888's posts are mind opening, it seems to gave me a preview of what my future would looked like to be trading as a pro-trader, whether as an IB, institutional trader, or a retail private trader. Then again, as sure as the market's randomness, living is random too, there are no two persons that took the same path and get the same results, especially when it's two very different countries.
  • #364
  • Dec 31, 2008 7:13pm Dec 31, 2008 7:13pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
10k to start with? why 10k? all you need is 500 bucks for the real experience, some broker even request less. you can build up your record from there

Quoting toti1972
Good thread,

But I have a question to whoever wants to take it.
I am studying/demoing/trying forex (systems/news/tecnical analisys,etc) for almost 2 years.
After all that period of time, I started a demo acc 6 month ago to play it like it was a real and who knows some day use it as a proof of consistent profitability.
6 month and I am up 80% in my acc, I am consistent week after week...
Ok but my question is...
What is next for me?
I got no money to invest for myself, I got too many debts, no loans to take, bad credit, near bankruptcy (what...
  • #365
  • Jan 1, 2009 9:28am Jan 1, 2009 9:28am
Hagan-Ricci Group looks for Traders with a 3 years trackrecords 20% p.a and
a Sharpe Ratio of >5. Compensation 500k - 1 Mil USD.
Rhicon Currency Managment has about the same requirements.
What basis do they use for Sharpe?
  • #366
  • Jan 22, 2009 1:29pm Jan 22, 2009 1:29pm
Just finished this thread and would like to thank everyone involved. Great source of knowledge and wisdom. For someone like me getting started in FX this really speeds up the information base necessary to grow confidence as a trader.

The thread is not as active as a couple of months ago. Hopefully it can gain momentum again. Threads like this one makes FF the #1 position in the business.

/H
  • #367
  • Jun 5, 2009 9:20am Jun 5, 2009 9:20am
hello,,,,,,,,,,,,,,,,,,,,,

any body home,,,, ???
  • #368
  • Jun 7, 2009 12:49pm Jun 7, 2009 12:49pm
I wonder if Trader888 is still around. Would love to hear some analysis on the current economic situation.
  • #369
  • Jun 7, 2009 1:39pm Jun 7, 2009 1:39pm
If there is anyone here, and trade based on FA the way Trader888 said and want to talk with me about macroeconomic situation and to share some thoughts with each other, pm me.
Trader888, thx for your knowledge!
Quoting 11111
I wonder if Trader888 is still around. Would love to hear some analysis on the current economic situation.
subscribe.
imo, I think that GBP have some potential against eur, macro looks better than EU but for the moment there is some tension in the political stage, wich is not good for gbp.
  • #370
  • Aug 17, 2009 8:07pm Aug 17, 2009 8:07pm
Hi Cyber,

I read your comment about Barclays offering a course every 3 months to trade currency.

Similarly you mention below of a large UK investment house training new traders.

Could you please provide me with links to these specific programs so I can learn more about them; also how does one apply?

Cheers
AP



Quoting cybernet69
I think the USA must be very different to the UK and most of Europe. I know allot of traders and i am sure none of them have a PhD and most of them dont have a degree.

One of my friends trades for a major bank in Germany and he left school with no qualifications whatsoever.

There is a large investment house in the UK which trains you for free in your own time and after 6 months lets you trade using their money full-time. Obviously you have to show consistent profits but again there are no qualifications or previous knowledge needed.
  • #371
  • Oct 8, 2009 8:48am Oct 8, 2009 8:48am
Hi guys and girls,

After a long absense from FF I have got a few minutes to post!

I am currently in San Francisco until 18 October, visiting my last "student" of the past 2 odd years. It has been a fairly entertaining 2 years in the markets with a lot of opportunities.

It has been a long time since I have posted and obviously I would like to post a comprehensive account of the past 2 years but it is all history and not beneficial to dwell on it - lets just say the account did make an acceptable return. One memorable day was about a year ago when Lehmans decided to stop playing with the big-boys and this triggered a few good views!

If there is anybody out there who even thinks about becoming a coach on trading then all I can say is think carefully and if you cannot do it out of a real pure willingness to help your fellow human being then dont do it! It is taxing and you invest a lot of emotional energy into the well-being of your student. If you are doing it for the money then rather stop and save yourself the wasted time (and your student his money!) My experience over the past 2 years have taught me that not everyone is trainable and not everyone is "mature" enough to be a trader. PS. I have not asked anyone a cent to coach/help them...in fact I have rather invested some of my own money into their accounts!

Current positions are long eurusd and long eurgbp as I see the eur getting stronger against both the usd and pound. I am also looking at a fairly sizable long position on the yellow metal. Yeah, always trying to mix in a bit of commodities as well...longer term I see the equities markets recovering a bit, maybe for the next 2-3 years or so (yes I am watching my gold position carefully should this 2-3 year view happen!!) then another heavy sell-off that could potentially last 8 years or longer. (Disclaimer: trade at your own risk as this is not investment advice)

I wish you all a splendid time and if you are not enjoying your trading then you shouldn't be doing it!

By the way, for all those traders trading technicals: I have been looking at it over the past 2 years and understand what you are trying to accomplish and really take my hat off to some of the people on this forum.

Trader888
  • #372
  • Oct 9, 2009 3:44pm Oct 9, 2009 3:44pm
Hi Trader888,

It is so nice seeing your post again!

I must say that out of all the millions of threads on FF, your posts in this thread are the most helpful ones in my point of view. They really helped me a lot. They stopped me from trading technicals only. They stopped me from using tight SL and They stopped me from averaging down.

I combine technicals and fundamentals and I combine your suggestions with Xaron's Median Grid System, it seems it is working very well.

Anyways, I finally have a chance to say thank you to you, really really appreciate the time you have invested in writing all the posts here, I print all of them out -- 36 pages!!! Hopefully, you can see this. (sorry, my english is bad, I don't have enough words to express my gratefulness, but I am sure you can understand what I mean)

Frank

Quoting Trader888
Hi guys and girls,

After a long absense from FF I have got a few minutes to post!

I am currently in San Francisco until 18 October, visiting my last "student" of the past 2 odd years. It has been a fairly entertaining 2 years in the markets with a lot of opportunities.

It has been a long time since I have posted and obviously I would like to post a comprehensive account of the past 2 years but it is all history and not beneficial to dwell on it - lets just say the account did make an acceptable return. One memorable day was about a year...
  • #373
  • Oct 10, 2009 1:09pm Oct 10, 2009 1:09pm
Welcome back Trader888

You certainly are a unique individual. I have enjoyed you past posts and look forward to your new ones again.

All the Best
John

Quoting Trader888
Hi guys and girls,

After a long absense from FF I have got a few minutes to post!

I am currently in San Francisco until 18 October, visiting my last "student" of the past 2 odd years. It has been a fairly entertaining 2 years in the markets with a lot of opportunities.

It has been a long time since I have posted and obviously I would like to post a comprehensive account of the past 2 years but it is all history and not beneficial to dwell on it - lets just say the account did make an acceptable return. One memorable day was about a year...
  • #374
  • Dec 1, 2009 1:36pm Dec 1, 2009 1:36pm
If anyone is looking for a job as a professional trader and has a good LIVE track record I may be able to help. Please contact me through private message.
  • #375
  • Apr 2, 2010 7:14am Apr 2, 2010 7:14am
Quoting Trader888
My basic salary was very good and the bonus worked on a scale, I had to make the budget they set to get any bonus, which was about 5% of budget. But everything over the budget I shared in by about 25%. So budget is $1mil I get $50k bonus, I make $2mil I get $300k bonus. My biggest bonus ever was only $150k. It almost matched my basic salary, so I decided the negative on health is not worth it. Also if you did not make budget but came within like 80% of it then you just got a 13th cheque. If you made less than 80% of budget then you got another year...
Best post ever, thank you for sharing this.
S.
  • #376
  • Apr 7, 2010 2:28am Apr 7, 2010 2:28am
Trader888, I just got through all your posts. They're really good. Thanks for sharing your experience.

In particular this
"Firstly, yes you can be wrong a large percentage of the time even up to 80% of the time but boy is that 20% sweet! Thats all you need, I've known a guy who could only scratch out 1 good trade a year but that one good trade got so loaded that it more than made up for the losses in between. I really think 80% of the time it's just staying busy and trying to get into the big one."
My close buddy (same one below) has been short Cable since 1.68. Puts on and takes off, just as you said. As you can imagine, he's made a massive killing on this one campaign.

I've gone from day to swing to position trading now simply because I realised the above... and it's also ALOT less stress to go with the main pull. I'm pretty much purely technical, but I am also seeing lots of efficacy in economic data/indicators and am working on them now. Whatever it takes to get better.

I hope you will find more time to share your experiences and views here. Your fundamental views are particularly interesting. The ONE major thing I realised is that the main trend will be biased by the economics, cause the big boys will be watching them and thinking, "right, so is this good or bad for my position? do i trim, add or hold? how's the future economic outlook like?"

I also know that the watch for key order flow levels. (I have a good mate who was in Deutsche for abit) Would you comment on that?

My thanks. =)
One Mind, Any Market
  • #377
  • Apr 7, 2010 12:11pm Apr 7, 2010 12:11pm
here is a ms word file with all of the trader888 posts till date.. enjoy.
Attached File(s)
File Type: doc trader888 posts.doc   246 KB | 841 downloads
Anything is possible; everything is negotiable
  • #378
  • Apr 7, 2010 3:00pm Apr 7, 2010 3:00pm
Awesome job, Eureka thx

Trader888's philosophy is identical to best known investors around the world- "Big moves=Big cash".
Though I can't imagine that "Trading is not like many newbies think...very passionate and exciting". Unbelievable words in mouth of man who was making millions from trading.

Prescious lesson, anyway
  • #379
  • Apr 7, 2010 4:24pm Apr 7, 2010 4:24pm
why would you want to be a trader for a company? it is more stressful as you need to meet client's demand
  • #380
  • Apr 14, 2011 8:07am Apr 14, 2011 8:07am
Just decided to bump this old thread as, in my opinion, it is one of the best threads on this entire forum.

Thank you Trader888 for your insights.
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